§ 143C-9-5. Assignment to the State of rights to tobacco manufacturer escrow funds. - North Carolina Statutes

§ 143C‑9‑5. Assignment to the State of rights to tobacco manufacturer escrow funds.

A tobacco product manufacturerthat elects to place funds into escrow pursuant to G.S. 66‑291(a)(2) maymake an assignment of its interest in the funds to the benefit of the State.The assignment applies to all funds, and any earnings and appreciation, thatare in the escrow account at the time of the assignment or are subsequentlydeposited into the escrow account and are not released under the provisions ofsubdivision (1) or (2) of G.S. 66‑291(b) at any time on or before theexpiration of 10 years from the date of assignment. The assignment isirrevocable and shall include any reversionary interest in the escrow accountand the funds therein that would otherwise belong to the tobacco manufacturer,including the right to receive the escrowed funds pursuant to G.S. 66‑291(b)(3).

An assignment of rightsexecuted pursuant to this section shall be in writing and shall be signed by aduly authorized representative of the tobacco product manufacturer making theassignment. An assignment is effective upon delivery to the Attorney Generaland the financial institution where the escrow account is maintained. (2006‑66, s. 6.19(d);2006‑221, s. 3A; 2006‑259, ss. 40(d), 40.5.)